Hey my friends, PHILLIPS 66 is in a bullish push with abnormal buying volume issued and a larger tail of buyers. Looking at the TIMEFRAME M1 we notice a marubozu with a very large volume of purchases exchanged. Strong possibility of breaking the price then the range to reach the one above and go to the last previous higher. Two highs on the MULTIFRAME between a...
PSX has a nice flag off the March lows, which briefly got it above its long-term trend line from 2015 before immediately giving it back up again. That flag has also now broken into a bearish, downward-sloping channel.
And finally, it trades well below both its 50- and 200-day moving averages. This is a short.
Fundamentals
- Petroleum & Coal industries have reported growth in July 2020.
- Long term debt to equity ratio is in the lower spectrum.
- Diversified business makes it more sustainable in this difficult time.
- EPS expectation is very high for next year
Technicals
- MACD line is rising above the signal line.
- Retraced down to Fibonacci level 61.7%...
$PSX Confluence zone between horizontal support with 0.61 Fibonnaci retracement and EMA 200. Weekly chart. Phillips 66 is expected to report earnings on 01/31/2020 before market open
The bearish candle on 8 Jan shows how strong the sellers are pushing down the price and it
is highly likely to see more selldown this week or so till it finds support at the 2nd level , i.e.
99.81 or at the 3rd level of support at 95.17.
I believe years ago, this was one of the biggest holding of Berkshire Hathaway (Warren Buffet) but he has since been...
